Wallbox's Q1 2025: Key Contradictions in Revenue Goals, Fast Charging Focus, and Financial Health

Revenue and breakeven targets, focus on fast charging, order book and project pipeline dynamics, financial goals and profitability, capital raising and financial health are the key contradictions discussed in Wallbox's latest 2025Q1 earnings call.



Revenue Trends and Regional Performance:
- Wallbox's Q1 2025 revenue reached EUR 37.6 million, slightly above the guided range, but down 13% year-over-year.
- North America showed strong growth, contributing 30% of total revenue, with a 142% year-over-year increase, while Europe, representing 68% of revenue, was down year-over-year due to softness in EV markets.
- The growth in North America was driven by increased sales of AC chargers, DC fast chargers, and installation services, while the slowdown in Europe resulted from weaker performance across all product categories.

Gross Margin Improvement:
- Wallbox's gross margin for Q1 2025 was 38.1%, within the guided range of 37% to 39%, showing a 634 basis point improvement from the previous quarter.
- This improvement was mainly due to a favorable product mix, particularly from the new generation of Supernova chargers with higher margins.

Operational Efficiency and Cost Reductions:
- Labor costs and operating expenses decreased by 13% quarter-over-quarter and 23% year-over-year, with cash costs down 32% year-over-year.
- The cost reductions were attributed to the effective implementation of a new business unit structure and disciplined management of expenses.

DC Charging Sales and Product Developments:
- DC charging sales improved significantly in Q1, growing 41% quarter-over-quarter, contributing 11% of total sales.
- This growth was driven by increased sales of new generation chargers with higher charging power and margin profiles, along with ongoing product developments and certifications such as the CTEP and NTEP, enhancing market competitiveness.